New York-based Neuberger Berman Group is planning to apply for qualified foreign institutional investor status in China and may open an office and make new investment staff hires in South Korea, Asian Investor reports.

"In view of the incoming Basel III capital-adequacy rules and Volcker rule, banks are less likely to make investments in hedge funds, leaving more opportunity for other firms," CEO George Walker told AI on a recent visit to the region.

Currently, about 10% of Neuberger Berman's $3.7 billion in fund of hedge funds assets are invested in Asia-focused funds.